Bank of America (BAC) – Get the Bank of America Corp report reported better-than-expected first-quarter results on Monday, driven in part by strong gains in net interest income amid improving loan demand and a $240 billion gain in the deposit base form the bank.
Bank of America said profit for the three months ended March was 80 cents per share, down 7% from the same period last year and just 5 cents from Street’s consensus forecast. of 75 cents per share.
The group’s revenue, the bank said, rose 2% from a year ago to $23.2 billion, broadly in line with analysts’ estimates, with net interest income up 13%. % to $11.6 billion.
“We delivered strong results in the first quarter, earning $7.1 billion, building on the momentum of record net profit in 2021. Across our businesses, continued organic growth combined with strong revenue management expenses generated operating leverage for the third consecutive quarter,” said CEO Brian Moynihan.
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“Year-over-year, we grew loans by $70 billion and deposits by $240 billion. Our teammates supported our clients while managing the impacts of the pandemic, war in Ukraine and of an evolving rate environment,” he added. “Our strong customer activity in the first quarter delivered results that allow us to meet shareholder expectations while continuing to invest in our people, our businesses and our communities.”
Bank of America shares rose 1.14% in premarket trading immediately after the earnings release to point to an opening price of $38.00
Wall Street banks have posted a mixed collection of first-quarter earnings so far this reporting season, with JPMorgan (JPM) – Get the JPMorgan Chase & Co. report. CEO Jamie Dimon warns ‘inflation and Ukraine are powerful forces threatening the economy’ following his softer-than-expected update and Goldman Sachs (GS) – Get the report from Goldman Sachs Group, Inc. using its powerful wealth management division, alongside its commercial arm, to print better-than-expected first-quarter earnings that offset lower transaction fees amid a sharp drop in merger activity.